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Scott Godzyk's Blog

By Scott Godzyk | Agent in Manchester, NH

WHERE DO I START IF I WANT TO GET A MORTGAGE?


One of the most common questions i have been asked recently is, WHERE DO I IS START IF I WANT TO GET A MORTGAGE?

The first thing any potential buyer needs to do when they start thinking they want to buy a home, is to contact a local and trusted mortage broker, bank or credit union. STAY AWAY from the internet lenders. You really want to be able to put a face to a voice and have a local source to be able to get information and drop off any paperwork or financials.

A good local loan officer will pre-qualify you at no cost. They will look at your credit score but more importantly your whole financial picture. This includes your credit report, current income, debt and employment history. They will let you know what programs you may quailify for and what the down payment and closing costs for each are so you can compare them.

WHAT DO I NEED TO GET PREQUAILIFIED?

You should get together your last 2 years tax returns, your last 2 pay stubs, last 3 months bank statements and a list of your income and expenses.

ITEMS TO NOTE WHEN YOU DO GET PREAPPROVED

Once you get prequailified, you find your house and make formal application, you should note that the bank will pull your credit again just before closing to make sure your credit has not changed. While buying a house you should refrain from buying anything on credit, applying for a credit card, buying a new car, boat or expensive jewelery. you should not quit your job or make any changes to your financial situation or risk having your loan pulled and not being able to buy the house of yoru dreams.

If you can not quailify for a mortgage today, they will be able to tell you what you will need to do so you can get a mrotgage in the future. There are no quick fixes, no secrets and no one you can pay to improve your situation, they are all scammers no matter what they promise and how much they are charging.

Good luck with mortgage search and as always please feel to add any comments or questions on my blog you need answered. If you are in NH and would like to be prequailified at no costs, just send me an email.

Updated May 23, 2011

PLEASE ADD ANY TIPS OR SUGGESTIONS YOU MAY HAVE...

Blog written by:

Scott Godzyk
Godzyk Realty Group

Manchester NH

www.ScottSellsNH.com

Copyright 2010-2011, All rights reserved

Trulia's #1 agent in New Hampshire

Ranked #5 Trulia agent in USA

Comments

By Monir Mamoun,  Wed Oct 20 2010, 05:56
hi Scott, depending on the bank they may require less or alternative documentation. For example, some banks will accept loan applicants without tax returns. This is important for some higher net worth/income borrowers who wish to maintain a higher degree of privacy.
By Linda S. Cefalu,  Wed Oct 20 2010, 06:04
Scott,

Great topic. To the list of things you'll need, I'll just add copy of your driver's license and your 1099 if self employed.

And thank you for pointing out the internet lenders subject. I do not want to put them all in the bad apple basket because I certainly do not like that when it is done to real estate agents. HOWEVER, I have seen too many people hurt emotionally and financially by these outfits and I have never, ever heard of anyone of them actually going through. Find a reputable lender. Go to his/her office and meet with them. Make sure they are a good fit! The person the buyer calls their lender is actually the intake person or the loan processor, if you will, and they can make or break the deal!

Linda
By Scott Godzyk,  Wed Oct 20 2010, 06:15
Monir Thank You for that tip, yes some mortgage programs may require less or more information from the buyer. Thanks for your comment
By Scott Godzyk,  Wed Oct 20 2010, 06:19
Linda, You are correct, a potential buyer will need a copy of a license, passport or state issued id. For the self employeed there are several mor ehurdles they will need to accomplish these days but it can be done if the buyer has well documented their income and expenses.

All buyers need to stay away from internet lenders. These are different then say a well known national bank who has a web site to apply for loans. These are businesses that prey on buyers and home owners that may be hurting credit wise, promise the world, take their money and deliver little. A local and trusted mortgage company or bank will make a difference. Thanks for your comments

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